Question
I need typed answer with explanation otherwise I will report to your answer. On August 30, 4,500 shares of Phoenix Company's common stock are acquired
I need typed answer with explanation otherwise I will report to your answer.
On August 30, 4,500 shares of Phoenix Company's common stock are acquired at a price of $34 per share plus a $500 brokerage commission. On September 15, a $0.75-per-share dividend was received on the Phoenix Company's stock. On October 25, 1,800 shares of the Phoenix Company's stock were sold for $30 per share less a $700 brokerage commission. At the end of the accounting period on December 31, the fair value of the remaining 2,700 shares of Little Rock Company's stock was $28 per share. Phoenix Company has 400,000 shares of common stock outstanding. Journalize the entries for the original purchase, dividend, sale, and change in fair value under the fair value method.
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